On this page of StockholderLetter.com we present the latest annual shareholder letter from Trane Technologies plc — ticker symbol TT. Reading current and past TT letters to shareholders can bring important insights into the investment thesis.

 •  4/23/2026 Letter Continued (Full PDF)
 •  4/21/2023 TT Stockholder Letter
 •  4/25/2024 TT Stockholder Letter
 •  4/24/2025 TT Stockholder Letter
 •  More "Metals Fabrication & Products" Category Stockholder Letters
 •  TT Benford's Law Stock Score = 80

TT Shareholder/Stockholder Letter Transcript:

2025
2025 Annual
Annual Report
Report
2026 Notice
Notice and
and Proxy
Proxy Statement
Statement
2026
-IRAN
TECHNOLOGIES'

-IRAN TECHNOLOGIES"'
To
To boldly
challenge what's
what   s possible
boldly challenge
possible
for a
a sustainable
sustainable world.
world.
for
External Recognition
Recognition &
& Rankings
Rankings
External
CDP Climate
Climate A
A List
List
CDP
years on
List
       4
4 consecutive
consecutive years
on the
the A
A List
Fortune World's
World   s Most
Most Admired
Admired Companies
Companies
Fortune
years
       14
14 consecutive
consecutive years
Just Capital
Just
Capital Best
Best of
of American
American Business
Business
       Ranked
Ranked 17th
17th overall
overall on
on JUST
100; 5
5 consecutive
JUST 100;
consecutive
years on
list
years
on list
years
       Industry
Industry leader
leader for
for 3
3 consecutive
consecutive years
Fortune
Fortune Best
Best Workplaces
Workplaces
for Manufacturing
Manufacturing &
& Production*
Production*
for
years
       2
2 consecutive
consecutive years
Ethisphere
Ethisphere World's
World   s Most
Most Ethical
Ethical Companies  
Companies
       3
3 consecutive
consecutive years
years

TIME World's
TIME
World   s Most
Most Sustainable
Sustainable Companies
Companies
    Ranked
Ranked 20th
20th overall
overall
Fortune World's
World   s Most
Most Admired
Admired Companies
Companies is
is aa registered
trademark of
Fortune Media
Limited and
and is
is used
used under
under license.
Fortune magazine,
magazine,
Fortune
registered trademark
of Fortune
Media IP
IP Limited
license. Fortune
fortune.com,
IP Limited
and its
its affiliates
affiliates are
with, and
do not
not endorse,
endorse, Trane
products or
services.
fortune.com, Fortune
Fortune Media
Media IP
Limited and
are not
not affiliated
affiliated with,
and do
Trane Technologies'
Technologies    products
or services.
"World's Most
Ethisphere" names
of Ethisphere
   World   s
Most Ethical
Ethical Companies"
Companies    and
and    Ethisphere   
names and
and marks
marks are
are registered
registered trademarks
trademarks of
Ethisphere LLC
LLC.

A Letter from Our Board of Directors
Dear Fellow Shareholders:
As stewards of Trane Technologies'
Technologies    long-term success, it is our privilege to report on the company's
company   s achievements in 2025 and share our
confidence in the future.
Demand for sustainable, resilient infrastructure is accelerating, driven by the data economy, rising energy use and the need for efficient and
reliable systems. Trane Technologies is at the forefront of this transformation. Our advanced solutions reduce energy consumption, improve
operational performance and generate strong return on investment for our customers.
Amid a dynamic global operating environment, Trane Technologies once again achieved strong financial results in 2025. Highlights include:
    Reported revenues of $21.3 billion, up 7%; organic revenue growth of 6%*
    Adjusted earnings per share growth of 16%*
    Powerful free cash flow conversion of 98%*
Since launching Trane Technologies in 2020, we have delivered compound annual revenue growth of 11%, strong margin expansion, and
compound annual adjusted earnings per share growth of 24%. Our disciplined approach to capital allocation, including consistent dividend
growth, meaningful share repurchases and strategic acquisitions, continues to enhance shareholder value.
Sustainability remains a defining competitive advantage for Trane Technologies, and in 2025 we delivered meaningful progress across our
2030 Sustainability Commitments.
    As part of our Gigaton Challenge, we launched 110 new products designed to reduce energy use and emissions. Since our 2019 baseline,
we have reduced customer emissions by 331 million metric tons toward our commitment to eliminate one gigaton by 2030.
    Leading by Example, we continued to reduce our operational emissions, now down 59% since 2019 and ahead of our 2030 goal of a 50%
reduction. We also published new circularity impact metrics, an industry first, with a commitment to generate 10% of revenues from circular
products and services and to more than double the use of circular materials by 2030.
    Through Opportunity for All, we continued to invest in people and communities, highlighted by the opening of our Advanced Technology
Training Center for service technicians, and more than 100,000 employee volunteer hours in our communities.
Trane Technologies'
Technologies    consistent financial and sustainability outperformance underscores the strength of our purpose-driven strategy, the
resilience of our business model, and the pride, energy and optimism of our global team. With our strong financial position, strategic
investments and industry-leading solutions, we are well positioned to deliver differentiated shareholder value in 2026 and beyond.
We invite you to review our 2025 Annual Report and 2026 Proxy Statement, along with our additional sustainability reporting at
www.tranetechnologies.com/sustainability, for a comprehensive overview of our performance.
Sincerely,
The Board of Directors of Trane Technologies plc
(Left to Right) April Miller Boise, Ann C. Berzin, Matthew F. Pine, Mark R. George, John P. Surma,
Ana P. Assis, David S. Regnery (Chair), Myles P. Lee, Kirk E. Arnold, Melissa N. Schaeffer, Linda P. Hudson, John A. Hayes

These are non-GAAP financial measures. Reconciliation of non-GAAP financial measures can be found on subsequent pages of our 2025 Annual Report.
Trane Technologies / 2025 Annual Report

2025 FINANCIAL PERFORMANCE
$22.6B
6%
+70 bps
16%
Bookings
Organic Revenue
Growth*
Adjusted EBITDA
Margin Expansion*
Adjusted
Continuing EPS
Growth*
98%
37.3%
$7.8B
$3.1B
Free Cash Flow
Conversion*
Cash Flow Return
on Invested
Capital (CROIC)*
Backlog
Balanced Capital
Deployment
*11% Organic Growth*
106% Book-to-Bill
2025 Total Revenue
$21.3B
+15% vs. 24
+169% vs. 20
[Includes Dividends, Share
Repurchases, Acquisitions,
and CapEx]
Consistent Track Record of Strong Financial Results
Revenue by Segment
Revenue
Adjusted EBITDA*
(margin %)
A +11% CAGR
A +470 bps
Asia
$21.3
$4.3
6%
- $12.5
Americas
I
15.4%
I
$1.9
13%
I
I
mill
EMEA
81%
$0
$0
2020
2021 2022 2023 2024 2025
2020
    Revenue ($6)
Revenue by Stream
2021 2022 2023 2024 2025
    EBITDA ($B)

Margin %
Adjusted Continuing
Earnings Per Share*
Cumulative Free
Cash Flow Since 2020*
A +24% CAGR
A 106% Average
FCF as a % of Adj.
Net Earnings '20 225
Services
$13.06
34%
$12.5
Equipment
66%
I
$0
2020
I
$1.7 mill
$0
2021 2022 2023 2024 2025
2020
    Adjusted Continuing EPS
2021 2022 2023 2024 2025
    Cumulative FCF ($B)
Shareholder Returns
$300
186% 5-year Total Shareholder Return
$286 / 186% Trane Technologies
Index Value
    Approx. 2X the S&P 500
    Approx. 2X the S&P 500 Industrials Index
$200
$100
S&P 500
$189 / 89%
S&P 500
Industrials
Index

A-
2020
$196 / 96%
2021
2022
2023
2024
2025
These are non-GAAP financial measures. Reconciliation of non-GAAP financial measures can be found on subsequent pages of our 2025 Annual Report.
Trane Technologies / 2025 Annual Report

Reconciliation of GAAP to Non-GAAP
ADJUSTED EBITDA
($ IN MILLIONS)
UNAUDITED
For the year ended
December 31, 2025
As Reported
For the year ended
December 31, 2024
Margin
As Reported
Margin
Total Company
Net revenues
$21,321.9
$21,321.9
Operating Income
$ 3,967.4
18.6%
$ 3,500.1
(22.8)
(0.1%)
(13.3)


$ 3,944.6
18.5%
$ 3,486.8
17.6%
376.3
1.8%
379.4
1.9%
Restructuring/Other
Adjusted Operating Income
Depreciation and Amortization
Other Income/(Expense), net
Adjusted EBITDA
$19,838.2
$19,838.2
17.6%
(44.9)
(0.2%)
(19.9)
(0.1%)
$ 4,276.0
20.1%
$ 3,846.3
19.4%
ADJUSTED EBITDA / NET EARNINGS RECONCILIATION
($ IN MILLIONS)
UNAUDITED
Year ended
December 31, 2025
Year ended
December 31, 2024
$ 4,276.0
$ 3,846.3
Depreciation and Amortization
(376.3)
(379.4)
Interest expense
(226.7)
(238.4)
Provision for income taxes
(705.9)
(627.6)
(31.2)
(5.1)
Total Company
Adjusted EBITDA
Less: items to reconcile adjusted EBITDA to net earnings attributable to Trane Technologies plc
Restructuring
M&A transaction costs
(7.2)
(4.2)
Non-cash adjustments for contingent consideration
61.2
25.0
Non-cash settlement charge related to the transfer of a pension liability to an insurance company
(17.2)


(2.4)
Discontinued operations, net of tax
(37.0)
(24.7)
Net earnings from continuing operations attributable to noncontrolling interests
(17.1)
(21.6)
$ 2,918.6
$ 2,567.9
Legacy legal liability
Net earnings attributable to Trane Technologies plc
Trane Technologies / 2025 Annual Report

4/23/2026 Letter Continued (Full PDF)

 

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